{"F": {"ts_code": "HK.02543", "name": "大行科工", "mkt": "HK", "ccy": "港元", "sw1": "玩具及消闲用品", "sw2": "玩具及消闲用品", "sw3": "", "ind": "玩具及消闲用品", "fin_source": "futu", "market": "主板", "list_date": "20250909", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 36.62, "pe_ttm": 11.386, "pb": 1.852, "dv_ttm": 3.47, "total_mv": 120072.735742, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [33.4], "rev_series": [7.1], "np_series": [0.7], "roe_series": [19.5], "rev_ttm": 7.1, "np_ttm": 1.1, "ocf_ttm": 2.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 18.2, "gm_median": 33.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 9.5, "roe_median": 19.5, "commodity": false, "hard_ratio": 1.2, "fix_assets": 0.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.8, "debt_ratio": 29.1, "debt_mv": null, "payout": 40.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 48.8, "np_yoy": 22.2, "np_vol": null, "loss_years": 0, "far_share": 56.0, "earn_yield": 8.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 7.0, "ret_20": 23.0, "ret_60": 29.2, "ret_120": 30.8, "ret_250": -26.0, "mdd_250": null, "vol_250": null, "pos_52w": 54.1, "eps": 2.144}, "S": {"duration": 25, "pricing": 49, "hard": 2, "bondness": 48}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 40%、股息率 3.5%、最新一年营收增速 48.8%、资产负债率 29%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 33.4%),硬资产占比 1%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 18.2%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 33.4%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 1%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.4 倍 粗算,约 56%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -26%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 23% / 29% / 31%。", "行业对照": ["同富途行业「玩具及消闲用品」22 家中位:PE 18.0 / 股息率 0.0% / 毛利率 27.8% / 固定资产占比 12% / 分红率 17%。", "大行科工:PE 比行业中位低 6.6倍;股息率 比行业中位高 3.5个百分点;毛利率 比行业中位高 5.6个百分点;固定资产占比 比行业中位低 10.5个百分点。"]}}